Genesis Energy Limited (GNE) Q4 2022 Earnings Call

Investor webinar replay

Replay transcript excerpt

Kia ora, and welcome to Genesis Energy's FY22 investor presentation. I'm Mark England, the Chief Executive, and this morning, myself and James Spence, our new CFO as of March this year, will be discussing Genesis Energy's results as we look ahead and back on FY22. We'll also cover some operational highlights and our strategic outlook. We'll be joined on the roadshow, as the slide says, by Tracy Hickman, who as well as being Chief Customer Officer today, has agreed to be interim CEO when I step away after the ASM in October, ahead of a permanent CEO being appointed by the board. So after mentioning a few highlights, James will cover off our financial performance, and then I'll come back on for the operational performance and strategic outlook. Slide four covers our highlights over the year across financial, operational, and social metrics. Our reported EBITDAF of $440 million is our strongest EBITDAF since listing, and demonstrates momentum in the business that has been built up over several years. NPAT is up too. However, those of you that have followed our sector for a while now know that it is materially impacted by fair value adjustments on derivative profits and asset revaluations, both of which are affected by a higher wholesale price curve. This year, the swaption contracts, which conclude in their current form on December 2022, were a key driver of this NPAT improvement. More on those later. We continue to grow out our dividends and provide shareholder value with an 8.9 cents per share final dividend. So total FY22 dividends were 17.6 cents per share. The full year dividend represents the eighth year of continuous growth. Operationally, the business is performing well with strong customer loyalty. Customer churn declined to under 13% and the MPS score rose to ...